Central New York Injury Lawyer Blog
New York personal injury lawyers usually charge on a “contingency fee” basis. The contingency fee allowed in a personal injury case varies from state to state, but generally it is either 1/3 (33 1/3%) or 40%. In New York it’s at most 1/3. It is often less where the lawyer is representing a minor and in medical malpractice cases. For the purposes of this blog post, let’s assume it is 1/3. But 1/3 of what exactly? It depends. Read on to find out!
But before I explain how it works, let me explain why it even exists. The contingency fee exists because most people can’t afford the very high hourly-based fees lawyers would charge. The hourly-based fees might reach over $100,000 in a complicated case. The contingency fee allows regular folks who have a valid personal injury claim to seek justice.The contingency fee is a gamble for your lawyer. If he does not win your case, he does not get paid. If he does win, or settles, he gets roughly a third of the money.